Tuesday, March 15, 2016
SPX S&P 500 Monthly Chart Battle at the 10-Month MA Bounce or Die
The SPX failed the 10-month MA at 2015.13 today but did not collapse as would be typically expected form this critical level. This is because the FOMC decision is imminent coming at 2 PM EST tomorrow. Traders are content to take a wait and see approach. The pivot from the 10-month MA determines the winner tomorrow, however, you may have to wait until after 3 PM EST tomorrow, after the dust begins to settle, to confirm the preferred direction. The pivot from the 10-month MA is a major market decision and it carries serious clout; that is why price parks here tonight it does not know which way it wants to break but it must decide tomorrow. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.